The regulator of the emirate Abu Dhabi presents its five “guiding principles” for the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. market.
- Abu Dhabi emirate presents 5 guiding principles for cryptocurrencies
- Regulator pledges to comply with international standards
- Seeks to combat use of crypto for money laundering, terrorist financing
La Financial Services Regulatory Authority (FSRA), the financial regulator of the Abu Dhabi Global Market Free Economic Zone (ADGM), published its “Guiding Principles” on its approach to the regulation and supervision of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets.
Abu Dhabi is one of the seven United Arab Emirates and the capital capital is most commonly defined as the large sum of money you would use to invest. of the United Arab Emirates.
Crypto industry friendly in tone, the principles commit to comply with international standards in Anti-Money Laundering (AML), Counter Terrorist Financing (CFT) and supports financial sanctions.
The 5 principles
Five principles were published without date specification on the official website of the Free Economic Zone. They have the following titles:
- Internationally recognized regulatory framework: He says that “ to establish a best-in-class regulatory framework, ADGM will draw on the best standards and practices of international financial services centers around the world. This will allow financial institutions and commercial entities to operate with the confidence that ADGM’s standards and regulatory regime are comparable with their home jurisdictions”.
- Dynamic and market-oriented regulations: “ADGM will adopt a prudential regulatory approach to ensure financial stability and provide an open and efficient trading environment. Firms will be subject to prudential standards and risk assessments, which are based on a defined framework, to identify their level of risk contribution and market an area or arena, online or offline, in which commercial dealings are conducted. impact.”
- Proportionate and risk-focused approach: “ ADGM will adopt a prudential regulatory approach to ensure financial stability and provide an open and efficient trading environment”. .
- Cooperation and shared responsibility: “ In line with international regulatory developments, ADGM will also participate in regional and global regulatory groups and contribute to shaping the standards that govern the industry worldwide”.
- Delivering high standards of quality and service : “ The Regulatory Authority is committed to nurturing its regulatory workforce and will devote adequate resources to improve the level of competence, professionalism and ethical standards among its staff.
According to media outlets such as Cointelegraph, In general, the tone and content of the principles correspond to international norms and standard statements of making the market more dynamic, innovative and secure, at the same time, there are some specific points that would define the regulatory landscape of ADGM.
In accordance with the principles, the legislative framework of ADGM is will be based on English common law . Within the economic zone, the Regulator, Registrar and Court functions will operate entirely independently, with a regulatory committee appointed by the board to ensure independence of oversight.
These premises will be complemented by compliance with international Anti-Money Laundering and Counter Terrorist Financing standards, close refers to the closing price; similar to the same term used in stock trading. cooperation with other jurisdictions and “financial sector surveillance” as part of the FSRA’s role.
The regulator also seeks to collaborate closely with market participants in a way that will “regular but informal”. . This will include one-on-one sessions between regulatory and commercial teams, as well as working groups of market participants and practitioners.
Vañe recall that in April this year, Binance y Kraken became the first foreign companies to receive regulatory approvals to operate in a free economic zone, ADGM.
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